POLICY AND STRATEGY

Role and Significance of Policy and Strategy for an Organization



Role and Significance of Policy and Strategy for an Organization

Introduction

In this paper we will discuss in detail the development and implementation of corporate policy and strategy and will also understand operational and management shades of successful process of implementation. The topic will span across very important tools like annual policies, structure or organization strategy, reengineering, culture of performance and improvements of strategies and policies. The discussion will also bring out the implementation challenges, which are very much difficult to solve and creates more difficulty for the implementation of the formulated policies and strategies. This discussion will also validate the reality that there is pre-requirement for particular set of policies and strategies to set up the organization to achieve its goals by making these policies and strategies accepted by the people.

The Process of Strategy and Policy Management

The process of strategy and policy management does not complete when the organization decides what policy and strategy to pursue. There should be translation of thought of policy and strategy into action of strategy and policy. This translation becomes easier when the employees and the managers of the organization understand the needs of the business, when they consider themselves as the part of the organization, committed to the intent of policy and strategy of organization (Strickland, 1998).

Implementing strategy and policy affects the organization form the top to bottom, this implementation also have an influence on all the divisional/functional areas of the organization. Even though the most perfect plan of policy and strategy serves small reason if it is not put in practice. Majority of the organizations be likely to spend unreasonable amount of money, resources and time in developing plans for policies and strategies, however allowing them to become weak once uncertainty or change creeps in, implementation failure is not a single setback however it grinds down the confidence of the organization and carries it back to inferior stage that the pre-planned scenarios of strategy and policy leading to failure of the management and disorder of organization (Strickland, 1998).

Strategy and Policy Formulation

Tools and concepts of formulation of policy and strategy does not differ very much between bigger, large or small organizations, however the implementation process varies considerably among different sizes and types of organizations. Like the implementation has an influence on many organizational aspects such as the altering or territories of sales, expanding budgets of finance, changes in the model of pricing, developing newer benefits for employees, establishing procedures that are cost effective, changing approaches towards market, building on structures for improved services and products, better information management systems, establishing new developmental initiatives and projects al across the organization. In this discussion we will mainly focus on all these aspects a will try to make clear operational and managerial perspectives in concise information with respect to implementation of policy and strategy (Dale McConkey, 1998, pp.66).

Perspectives of Management about the Implementation of Policy and Strategy

The shift form the formulation phase to ...